Palm opens lower on weak soyoil, strong ringgit

KUALA LUMPUR: Malaysian palm oil futures opened lower on Monday, reversing the previous session’s gains, as weaker soyoil prices and a stronger ringgit weighed on the market.

The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange slid 34 ringgit, or 0.79%, to 4,281 ringgit ($1,010.62) a metric ton in early trade.